The Sudan-based Arab Bank for Economic Development in Africa (BADEA) signed two loan agreements at $11.50 million Sunday with the Republic of Uganda to finance construction of Luwero-Butalanju Road Project alongside collateral agreement for two credit lines for the benefit of the Ugandan Development Bank at $ 6 million and $ 10 million, respectively, within the framework of BADEA program to finance foreign trade and the private sector in Africa.
The Luwero-Butalanju Road development project aims to contribute to linkage of the east-central regions in Luwero and Naksaka with the all regions of the country with the capital, Kampala as well as the improvement of the efficiency of traffic and the road safety to ensure people's access to the social service centers, reduce trips time and cost of vehicle operation as well as the reduction of the transport cost.
The Ugandan Development Bank's Letter of Credit aims to contribute to the Arab Exports Development to African countries benefiting from the assistance to the bank through raising adequate funds for the operations of importing Arab goods to Ugandan suppliers to achieve regular funding for the prioritized sectors which will contribute to the sustainable development, improvement of the population living conditions and alleviate poverty by financing private sector projects and trade operations.
The both agreements were signed by Dr. Sidi Ould Tah, the BADEA Director General and the Minister of Finance, Planning and Economic Development at the Republic of Uganda Prof. Mattia Kasaja.

Source: SUNA